Financial Crime World

Nepal Eyes Compliance in International Trade as Government Intensifies Efforts to Streamline Import Procedures

Boosting International Trade and Curbing Smuggling

In a bid to boost international trade and curb smuggling, the Government of Nepal has taken stringent measures to ensure compliance with existing rules and regulations. The move comes as part of efforts to streamline import procedures and reduce the risk of goods being seized at customs due to non-compliance.

Streamlining Import Procedures

To facilitate easy navigation of the complex import process, a database on the Nepal Trade Information Portal contains a vast repository of rules, regulations, procedures, and measures for importing commodities into Nepal. The depository also includes all required forms and documents, making it easier for businesses to comply with regulations.

Mandatory Documents for Importing Commodities

To start imports, companies must submit several primary documents, including:

  • Business registration certificates
  • Permanent account numbers with VAT registration
  • Single administration documents (SAD)
  • Commercial invoices
  • Packaging lists
  • Letters of credit or advance payments

Registration Requirements for Manufacturers and Traders

The process of registering a manufacturing company or trading firm is also crucial. This involves obtaining:

  • A permanent account number
  • Registration for value-added tax (VAT)
  • An excise license
  • A certificate of import

Additional Permits and Licenses for Specific Goods

Importing certain goods, such as plant products, animal products, edible products, motor vehicles, pharmaceutical products, and other goods, requires additional permits and licenses. These include:

  • Import entry permit
  • Permission to import plants at entry points
  • Quarantine certificates
  • Recommendations from relevant authorities

Measures to Regulate Imports of Specific Goods

The government has also introduced measures to regulate the import of specific goods, including:

  • Obtaining permits for wholesale or retail business
  • Registering motor vehicles
  • Adopting approved payment systems

Special Arrangements for Imports

To reduce delays at customs, the government has introduced special arrangements for imports by furnishing bank guarantees or deposits. This allows companies to release their goods quickly while ensuring that all necessary procedures are followed.

Refunds and Recoveries

The Nepal Customs Office has also been instructed to:

  • Refund excess amounts of customs duty or penalties
  • Recover shortfalls in customs duties
  • Refund deposits made by importers

Expert Insights

Experts say the government’s efforts will help improve compliance with international trade regulations, reduce the risk of smuggling, and increase revenue for the country. “Compliance is key to successful international trade,” said a trade expert. “By implementing these measures, the government is sending a strong message that it is serious about ensuring that all imports are made in accordance with the law.”